As filed with the Securities and Exchange Commission on March 24, 2014



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY


Investment Company Act file number   811-07959


Advisors Series Trust
(Exact name of registrant as specified in charter)


615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
 

Douglas G. Hess, President
Advisors Series Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 5 th Floor
Milwaukee, WI 53202

(Name and address of agent for service)
 

(414) 765-6609
Registrant's telephone number, including area code


Date of fiscal year end:   October 31, 2014


Date of reporting period:   January 31, 2014
 
 
 
 
 
 
Item 1. Schedules of Investments.
 

Edgar Lomax Value Fund
 
Schedule of Investments
 
January 31, 2014 (Unaudited)
 
   
Shares
 
COMMON STOCKS - 95.67%
 
Value
 
   
Beverage and Tobacco Product Manufacturing - 1.34%
     
  4,650  
Altria Group, Inc.
  $ 163,773  
  5,500  
Coca-Cola Co.
    208,010  
  2,700  
PepsiCo, Inc.
    216,972  
            588,755  
     
Chemical Manufacturing - 13.71%
       
  11,100  
AbbVie, Inc.
    546,453  
  4,300  
Bristol-Myers Squibb Co.
    214,871  
  19,900  
Dow Chemical Co.
    905,649  
  3,538  
E. I. du Pont de Nemours and Co.
    215,853  
  14,300  
Eli Lilly & Co.
    772,343  
  2,500  
Johnson & Johnson
    221,175  
  18,200  
Merck & Co., Inc.
    964,054  
  72,302  
Pfizer, Inc.
    2,197,981  
            6,038,379  
     
Computer and Electronic Product Manufacturing - 12.78%
       
  53,300  
Cisco Systems, Inc.
    1,167,803  
  43,100  
Hewlett-Packard Co.
    1,249,900  
  85,300  
Intel Corp.
    2,093,262  
  9,400  
Raytheon Co.
    893,658  
  5,200  
Texas Instruments, Inc.
    220,480  
            5,625,103  
     
Credit Intermediation and Related Activities - 4.20%
       
  2,000  
Capital One Financial Corp.
    141,220  
  2,900  
Citigroup, Inc.
    137,547  
  7,500  
JPMorgan Chase & Co.
    415,200  
  25,500  
Wells Fargo & Co.
    1,156,170  
            1,850,137  
     
Food Services and Drinking Places - 3.74%
       
  17,500  
McDonald's Corp.
    1,647,975  
     
Funds, Trusts, and Other Financial Vehicles - 0.49%
       
  1,400  
Simon Property Group, Inc.
    216,776  
     
General Merchandise Stores - 7.71%
       
  30,900  
Target Corp.
    1,750,176  
  22,000  
Wal-Mart Stores, Inc.
    1,642,960  
            3,393,136  
     
Health and Personal Care Stores - 0.92%
       
  7,100  
Walgreen Co.
    407,185  
     
Insurance Carriers and Related Activities - 9.55%
       
  40,600  
Allstate Corp.
    2,078,720  
  29,400  
UnitedHealth Group, Inc.
    2,125,032  
            4,203,752  
     
Machinery Manufacturing - 3.82%
       
  67,000  
General Electric Co.
    1,683,710  
     
Management of Companies and Enterprises - 2.14%
       
  3,700  
Goldman Sachs Group, Inc.
    607,244  
  11,400  
Morgan Stanley
    336,414  
            943,658  
     
Merchant Wholesalers, Nondurable Goods - 0.49%
       
  2,800  
Procter & Gamble Co.
    214,536  
     
Metal Ore Mining - 0.44%
       
  6,000  
Freeport-McMoRan Copper & Gold, Inc.
    194,460  
     
Miscellaneous Manufacturing - 3.09%
       
  3,200  
Baxter International, Inc.
    218,560  
  20,200  
Medtronic, Inc.
    1,142,512  
            1,361,072  
     
Motion Picture and Sound Recording Industries - 1.34%
       
  9,400  
Time Warner, Inc.
    590,602  
 
 
 
 
 
     
Oil and Gas Extraction - 2.59%
       
  5,800  
Apache Corp.
    465,508  
  7,700  
Occidental Petroleum Corp.
    674,289  
            1,139,797  
     
Petroleum and Coal Products Manufacturing - 6.75%
       
  13,200  
Chevron Corp.
    1,473,516  
  10,300  
ConocoPhillips
    668,985  
  9,000  
Exxon Mobil Corp.
    829,440  
            2,971,941  
     
Professional, Scientific, and Technical Services - 0.35%
       
  1,300  
Amgen, Inc.
    154,635  
     
Publishing Industries (except Internet) - 5.61%
       
  49,500  
Microsoft Corp.
    1,873,575  
  18,700  
Twenty-First Century Fox, Inc. - Class A
    595,034  
            2,468,609  
     
Rail Transportation - 2.96%
       
  12,400  
Norfolk Southern Corp.
    1,148,116  
  900  
Union Pacific Corp.
    156,816  
            1,304,932  
     
Telecommunications - 4.96%
       
  38,900  
AT&T, Inc.
    1,296,148  
  18,500  
Verizon Communications, Inc.
    888,370  
            2,184,518  
     
Transportation Equipment Manufacturing - 2.89%
       
  14,800  
Ford Motor Co.
    221,408  
  4,400  
General Dynamics Corp.
    445,764  
  4,000  
Lockheed Martin Corp.
    603,640  
            1,270,812  
     
Utilities - 3.80%
       
  4,900  
American Electric Power Co., Inc.
    239,169  
  41,600  
Exelon Corp.
    1,206,400  
  5,500  
Southern Co.
    226,820  
            1,672,389  
               
     
TOTAL COMMON STOCKS (Cost $37,812,000)
    42,126,869  
               
Shares
 
SHORT-TERM INVESTMENTS - 4.46%
 
Value
 
  1,963,090  
Invesco STIT-STIC Prime Portfolio, 0.06% (a)
    1,963,090  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,963,090)
    1,963,090  
               
     
Total Investments in Securities (Cost $39,775,090) - 100.13%
    44,089,959  
     
Liabilities in Excess of Other Assets - (0.13)%
    (58,927 )
     
TOTAL NET ASSETS - 100.00%
  $ 44,031,032  
               
     
(a) Rate shown is the 7-day annualized yield as of January 31, 2014.
       
 
 
 
 
 
 
Note 1 – Securities Valuation
 
The Edgar Lomax Value Fund’s (the “Fund”) investments are carried at their fair value. Equity securities that are primarily traded on a national securities exchange shall be valued at the last sales price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale price on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Investments in open-end mutual funds are valued at their net asset value per share. Short-term securities having a maturity of 60 days or less are valued at their amortized cost, which approximates market value.
 
The Board of Trustees (“Board”) has delegated day-to-day valuation issues to a Valuation Committee of the Trust which is comprised of representatives from U.S. Bancorp Fund Services, LLC, the Fund’s administrator. The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available or the closing price does not represent fair value by following procedures approved by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume and news events. All actions taken by the Valuation Committee are subsequently reviewed and ratified by the Board.
 
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.
 
The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for majority security types.  These inputs are summarized in the three broad levels listed below:

·      
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

·      
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

·      
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
 
 
 
 
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Fund’s securities as of January 31, 2014:
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
  Accommodation and Food
      Services
  $ 1,647,975     $ -     $ -     $ 1,647,975  
  Finance and Insurance
    7,214,323       -       -       7,214,323  
  Information
    5,243,729       -       -       5,243,729  
  Manufacturing
    18,870,787       -       -       18,870,787  
  Mining, Quarrying, and Oil
       and Gas Extraction
    2,003,242       -       -       2,003,242  
  Professional, Scientific, and
       Technical Services
    154,635       -       -       154,635  
  Retail Trade
    3,800,321       -       -       3,800,321  
  Transportation and Warehousing
    1,304,932       -       -       1,304,932  
  Utilities
    1,672,389       -       -       1,672,389  
  Wholesale Trade
    214,536       -       -       214,536  
Total Common Stocks
    42,126,869       -       -       42,126,869  
Short-Term Investments
    1,963,090       -       -       1,963,090  
Total Investments in Securities
  $ 44,089,959     $ -     $ -     $ 44,089,959  
 
Refer to the Fund’s Schedule of Investments for a detailed break-out of common stocks by industry classification.  Transfers between levels are recognized at January 31, 2014, the end of the reporting period.  The Fund recognized no transfers to/from Level 1 or Level 2.  There were no Level 3 securities held in the Fund during the period ended January 31, 2014.
 
 
 
 
 
 
Note 2 – Federal Income Taxes
 
The cost basis of investments for federal income tax purposes at January 31, 2014 was as follows*:
 
Cost of investments
  $ 39,815,717  
         
Gross unrealized appreciation
    5,435,204  
Gross unrealized depreciation
    (1,160,962 )
Net unrealized appreciation
  $ 4,274,242  
 
* Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent annual report .
 
 
 
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)) .

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d))   that occurred during the Registrant's last fiscal quarter that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).   Filed herewith.
 

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)   Advisors Series Trust                                                                    

 
By (Signature and Title)*     /s/ Douglas G. Hess                                              
           Douglas G. Hess, President
 
Date        3/10 /14                                                                                                     



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*   /s/ Douglas G. Hess                                               
            Douglas G. Hess, President

Date­­        3/10 /14                                                                                                     

 
By (Signature and Title)*     /s/ Cheryl L. King                                                                                                                                                 
  Cheryl L. King, Treasurer

Date         3/10 /14                                                                                                    

* Print the name and title of each signing officer under his or her signature.
 
 
Royal Dutch Petroleum (NYSE:RD)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024 Click aqui para mais gráficos Royal Dutch Petroleum.
Royal Dutch Petroleum (NYSE:RD)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024 Click aqui para mais gráficos Royal Dutch Petroleum.